Monday, April 20, 2009

Today's Must Read: The fairy tales Wall Street tells itself

New York magazine does a terrific job of examining the Wall Street mindset -- a wonky, disconnected way of thinking that includes the incredible ability for investment bankers to forget that their banks had to be bailed out by the federal government. Writer Gabriel Sherman notes that Wall Street had to create an entire system of mythical beliefs about itself in order to do what it did. The problem now for financial insiders is that rest of the country doesn't buy the fairy tale anymore.